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Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($)
$ in Thousands
9 Months Ended
Sep. 30, 2021
Sep. 30, 2020
Operating activities    
Net income $ 410,607 $ 222,238
Adjustments to reconcile net income to net cash provided by operating activities:    
Depreciation 30,445 26,747
Amortization of intangible assets 32,237 23,340
Amortization of original issue discount and deferred financing costs 1,941 1,940
Loss on extinguishment of debt [1] 831 0
Deferred income taxes 8,210 15,433
Share-based compensation expense [2] 18,204 14,327
Loss (gain) on disposal of assets (4,018) 0
Other, net (12) 6,414
Net changes in operating assets and liabilities, net of acquisitions:    
Accounts receivable (116,768) (85,474)
Inventories (322,954) (14,604)
Other assets (6,874) 2,543
Accounts payable 269,951 11,624
Accrued wages and employee benefits 4,497 11,793
Other accrued liabilities 49,987 38,211
Excess tax benefits from equity awards (26,880) (6,222)
Net cash provided by operating activities 349,404 268,310
Investing activities    
Proceeds from sale of property and equipment 182 26
Proceeds from sale of investment 4,968 0
Proceeds from beneficial interests in securitization transactions 2,240 1,998
Contribution to equity method investment (781) 0
Expenditures for property and equipment (87,456) (33,940)
Acquisition of businesses, net of cash acquired (465,926) (22,815)
Net cash used in investing activities (546,773) (54,731)
Financing activities    
Proceeds from short-term borrowings 127,816 198,087
Proceeds from long-term borrowings 50,000 297
Repayments of short-term borrowings (105,206) (210,854)
Repayments of long-term borrowings and finance lease obligations (54,889) (3,584)
Payment of contingent acquisition consideration (3,750) (4,000)
Payment of debt issuance costs (1,185) 0
Purchase of additional ownership interest (27,164) 0
Taxes paid related to equity awards (49,569) (13,533)
Proceeds from exercise of stock options 30,502 11,991
Net cash used in financing activities (33,445) (21,596)
Effect of exchange rate changes on cash and cash equivalents (588) (922)
Net increase (decrease) in cash and cash equivalents (231,402) 191,061
Cash and cash equivalents at beginning of period 655,128 322,883
Cash and cash equivalents at end of period $ 423,726 $ 513,944
[1] Represents the non-cash write-off of original issue discount and deferred financing costs due to voluntary prepayment of Term Loan debt.
[2] Represents share-based compensation expense to account for stock options, restricted stock and other stock awards over their respective vesting periods.